IFC strikes green partnership with Egypt’s Rameda

The International Finance Cooperation (IFC) announced on Tuesday its green collaboration with Egyptian pharmaceutical company Rameda to elevate its production efficiencies and boost productivity.

IFC, part of the World Bank, will help Rameda reduce its carbon and water footprints, better use its materials and resource usage.

“As Rameda grows in size, scale, and reach, so does our resolve in ensuring that the company’s business practices and growth trajectory are sustainable, and that it serves its patients in a manner that respects the environment, encourages social progress and contributes to long-term economic sustainability,” said Amr Morsy, Rameda’s chief executive officer.

“Our partnership with Rameda is part of IFC’s strategy to support Africa’s health sector and to help the continent’s businesses reduce their environmental footprint,” said Yasmine El-Hini, IFC Country Officer for Egypt and acting country manager for Egypt and Libya.

Rameda keens on the physical and mental health of its customers with keeping a healthy planet, Morsi mentioned.

Rameda will participate in the upcoming United Nations Climate Change Conference (COP27) in Egypt to offer the private sector’s contribution of climate mitigation through resource efficiency, El-Hini commented.

IFC-Rameda partnership considers as step towards action and implementation, also it is a key step toward greening Egypt’s economy, said Rania Al-Mashat, Egypt’s Minister of International Cooperation under the goals of COP27.

In order to maintain the sustainable solutions and a green transformation, it requires multi-stakeholder engagement, including cooperation between government entities, multilateral development banks, businesses, and the private sector, Al-Mashat said. Also, it enhancing mitigation efforts across Egypt that contributing to the global agenda.

Morsi added that the partnership will help Rameda’s enhancement of its environmental, social, and corporate governance (ESC) framework.

IFC will continue in providing Rameda the cost-effective drugs that serves company’s profit, Mosri said.

This partnership is part of a larger IFC North Africa pharmaceutical project being implemented in Egypt, Morocco, and Tunisia that is designed to make the region’s pharmaceutical sector more resource efficient.

In addition to a green loan to Humania the regional healthcare provider to develop green hospital buildings in Egypt.

The Rameda project is supported by the government of the Netherlands.